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CDFA Revolving Loan Fund Finance Update - September 14, 2021

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Revolving Loan Funds Update
September 14, 2021
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Revolving Loan Fund Finance Update

Features

The Inside Story of COVID-Crushed Small Businesses and Their Comeback Hopes
Small businesses across the nation are still trying to make sense of it all. The ones who lost everything have hopes of piecing their lives back together. The ones who financially survived are united in their hopes of riding the wave back up. Their experiences illustrate every facet for which the coronavirus crisis will come to be known - including tales of those who were nimble enough to make it and those who were lucky enough to thrive.

USDA Has Invested $1.2B in Rural Businesses in 2021
USDA Rural Development announced that USDA is on track to provide a record level of support for rural working capital and other business capital needs in fiscal year 2021. The Department has invested $1.2 billion in loan guarantees to help rural businesses in 41 states. These investments – made through the Business and Industry Loan Guarantee Program and the Business and Industry CARES Act Program – are expected to create or save more than 12,000 jobs for people in rural areas.

Reimagining Healthy Food Access With the Virginia Good Food Fund
Foodshed Capital has partnered with Virginia Community Capital and the Virginia Food Access Investment Fund to build sustainable resiliency and equity into food systems. The Virginia Good Food Fund (VGFF) is envisioned to be a network of food system partners, lenders, funders, technical assistance providers, and other stakeholders who work together and combine our resources to support producers and suppliers.

SBA Raises COVID Disaster Loan Cap to $2M, Makes Other Highly Anticipated Changes
Complaints about the SBA's COVID-19 disaster loan program have made their way up the ladder and led to major changes, including boosting how much money business owners can get. The agency announced significant updates to its Economic Injury Disaster Loan program, which provides low-interest loans to businesses that were hurt by the COVID-19 pandemic. It's intended for companies with 500 or fewer employees.

Microloan Initiative Starts in Arkansas
The Imani Fund is a statewide pilot program that offers microloans ranging from $5,000 to $25,000 to underserved entrepreneurs and uses an innovative and creative approach to underwriting. The underwriting process will emphasize the character of business owners, their ability to execute on their business model, and community engagement efforts.

Ohio's $10M Loan Fund for Women-Owned Businesses Aims to Help Them Thrive
For the first time ever, Ohio has a $10 million loan fund dedicated to women-owned businesses in its operating budget - as well as a matching fund for microenterprise minority businesses. The fund was made possible by the efforts of the Ohio Women's Coalition, a non-profit organization that works towards improving the economic condition of women throughout the state of Ohio through advocacy with state legislators and corporate entities.

I-80 Fund Expands Loan Opportunities in Rural Nevada
Nevada Gold Mines started the I-80 Fund during the worst of the COVID-19 pandemic to provide loans to small businesses hurt by the pandemic, but the revolving loan fund now covers business needs for any reason – not just COVID-19 impact. The successful fund can now operate well into the future with loan payments coming back to the I-80 Fund to in turn support new loans.

Sen. Booker Sees Budget Reconciliation Advancing Debt Relief for Farmers of Color
The $4 billion debt relief program passed in March as part of the American Rescue Plan Act and would pay off USDA loans held by 16,000 "socially disadvantaged" farmers, a category used by USDA to describe Black, Native American, Alaskan Native, Asian American, Pacific Islander, and Hispanic and Latino farmers. But white farmers have filed at least 13 lawsuits against the program, including one class action, alleging it is racially discriminatory.

Upcoming Events
CDFA Virtual National Summit

SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern
The second module of the SSBCI Learning Series will discuss the structure of Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also cover private financing strategies for engaging Angel Investors, Venture Capitalists, CDFIs, and Impact Investors.

CDFA Food Systems Finance Webinar Series: Debunking Risk in Food System Finance
Tuesday, October 12, 2021 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will break down the real and perceived risks of lending and discuss a variety of affordable financing solutions that are being employed by development finance agencies to invest in local food-related businesses and projects.

Headlines

Utah Department of Agriculture and Food Announces Disaster Relief Fund
Utah Business | Sep. 10 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program

USDA Invests $464M in Renewable Energy Infrastructure to Help Rural Communities, Businesses, and Ag Producers Build Back Better
USDA | Sep. 9 | Access to Capital | Agriculture Finance | Energy Finance | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Resiliency | Rural Development | U.S. Dept. of Agriculture (USDA)

SBA Sets Workaround for Aiding Restaurants Left Empty-Handed by the RRF
Restaurant Business | Sep. 9 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Caribou, ME Rural-Living Nonprofit Gets $260K from USDA
Mainebiz | Sep. 7 | Access to Capital | Community Development | Economic Development | Federal | Healthcare | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

RSF is Leading the Way in Moving from Impact Investing to Regenerative Finance
Forbes | Sep. 7 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Oklahoma City, OK Celebrates New Grocery Store Opening
The Journal Record | Aug. 31 | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits | Tax Increment Finance (TIF) | Case Studies

Warning of a New Crisis, the Restaurant Industry Presses Congress Again for More Aid
Restaurant Business | Aug. 24 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | COVID-19

Farmer Mac Announces Strategic Acquisition and Expansion of Loan Servicing Function
PR Newswire | Aug. 18 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA)

Farm Credit's Commitment to Young, Beginning, Small Farmers Grew in 2020
The Fence Post | Aug. 16 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

EXIM Approves $97.2M Working Capital Guarantee to Support Aircraft Exports Manufactured in Melbourne, FL
Ex-Im Bank | Aug. 13 | Export Import Bank of the United States (Ex-Im Bank) | Federal | International | Revolving Loan Funds (RLFs)

Bipartisan Bill Would Expand SBA Loan Program to Include Fintech Lenders
Banking Dive | Aug. 13 | Access to Capital | Federal | Legislative | Revolving Loan Funds (RLFs) | Rural Development | U.S. Small Business Administration (SBA)

Rhode Island Infrastructure Bank Approves $400K Brownfield Loan for Nexus Lofts Project
Nerej | Aug. 13 | Access to Capital | Brownfield Financing | Energy Finance | Housing Finance | Redevelopment | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs)

Texarkana, TX Awarded $500K in EPA Revolving Loan Fund Supplemental Funding
TXK Today | Aug. 13 | Access to Capital | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | EPA Revolving Loan Fund Grants

Montana Development Corporations Receive $1M in Brownfields Redevelopment Funding
State of Montana Newsroom | Aug. 12 | Access to Capital | Brownfield Financing | Economic Development | Redevelopment | Revolving Loan Funds (RLFs)

Assessment Indicates 'No Fatal Flaws' at Rosemary Mill Site in Halifax County, NC
RRSpin | Aug. 10 | Brownfield Financing | Economic Development | Redevelopment | Revolving Loan Funds (RLFs)

Oregon Law Expands Access to Capital for Rural and Disadvantaged Businesses
OPB | Aug. 9 | Access to Capital | Revolving Loan Funds (RLFs) | Rural Development | Social Finance


New Additions to the Online Resource Database

Broadband Interactive Federal Funding Guide for 2021
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Education Finance | Energy Finance | Green Finance | Healthcare | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | Tribal Finance | Urban Development | Water Finance
This Interactive Guide from the National Telecommunications and Information Administration (NTIA) provides an interactive, step-by-step approach for users to filter through more than 90 broadband related programs compiled from 12 federal agencies and the FCC. It highlights general information about each program, including program descriptions, important dates, contact information, and links to program websites.

A Playbook for Scaling Latino-Owned Businesses
Access to Capital | Economic Development | Food Systems Finance | Incentives | Opportunity Zones | Revolving Loan Funds (RLFs) | Social Finance
A Playbook for Scaling Latino-Owned Businesses is designed to support the scaling and continued growth of Latino-owned businesses by offering entrepreneur support organizations, financial institutions, and other stakeholders actions they can take to offer Latino entrepreneurs greater access to financial capital, expanded markets, and support for rapid scale.

USDA Resource Guide for Rural Workforce Development
Agriculture Finance | Community Development | Economic Development | Federal | Rural Development | Access to Capital | Food Systems Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Tribal Finance | Urban Development
America's rural workforce provides a vital foundation for the nation's economy. Rural America supplies the nation's food and energy resources, and the fiber necessary for goods and manufacturing. As USDA continues to respond to the COVID-19 pandemic and help restore the economy, USDA remains committed to supporting rural employers and job seekers.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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